A Boomer Who Can't Afford to Retire Is Facing a Big Money Dilemma: Start Paying a $1,414 Student-Loan Bill or Lose Part of His Paycheck

A boomer who can't afford to retire is facing a big money dilemma: Start paying a $1,414 student-loan bill or lose part of his paycheck

Student-loan borrowers behind on payments are facing involuntary collections after a five-year pause.Dimitri Otis/Getty ImagesTrump restarted collections on defaulted student loans on May 5, after a five-year pause.James Southern, 63, is facing a $1,414 bill on his student loans.He can't afford to pay it, and he risks falling into default and having his wages garnished.At the end of March, James Southern received a warning from his student-loan …

Student Loans: A New Sheriff in Town

Forbes called this explosive loan situation, a “perfect storm…of heavier debt loads, higher payments, and an unforgiving economy.”

Aquino bill to ease student loan burden passes Senate

SPRINGFIELD –An initiative sponsored by State Senator Omar Aquino to expand loan options for student loan borrowers passed the Senate Thursday. “As the cost of living continues to rise, it is critical that we provide students with an economic relief tool to help alleviate the often overwhelming burden of student loan debt,” said Aquino (D-Chicago). “Providing borrowers with additional loan options and lower interest rates will help keep money in…